Notable Wednesday Option Activity: OWL, OXY, SSRM

Occidental Petroleum (OXY) and SSR Mining (SSRM) experienced unusually high options trading volume, with OXY's volume reaching 62.6% and SSRM's 62% of their respective average daily trading volumes. Notably, OXY saw significant activity in the $35 strike put expiring September 19, 2025 (20,025 contracts), while SSRM had high volume in the $9 strike call with the same expiry (3,100 contracts), indicating targeted long-term directional positioning or hedging strategies in these names.

Analysis

Occidental Petroleum (OXY) and SSR Mining (SSRM) have both registered significant options market activity, with volumes representing 62.6% and 62.0% of their respective average daily share volumes, indicating a substantial flow of capital into the derivatives of these companies. For Occidental, the activity is heavily concentrated in the September 19, 2025, expiration, specifically with 20,025 contracts traded for the $35 strike put. This large, long-dated put volume suggests a significant bearish position or a large-scale hedging strategy being implemented, signaling a view of potential downside risk over the next year. Conversely, SSR Mining saw concentrated interest in the $9 strike call option for the same September 2025 expiry, with 3,100 contracts traded. This activity points towards a targeted, long-term bullish bet, implying an expectation that SSRM's stock price will appreciate above the $9 level. In both cases, the long-term nature and concentration on specific strikes suggest sophisticated, directional positioning rather than broad-based speculative trading.

Key Decisions for Investors

• Investors with long positions in Occidental Petroleum should take note of the significant bearish or hedging activity in the long-dated $35 puts as a potential signal of downside risk to monitor over the long term.